The young family segment are aged 25-45 but still consider themselves to be very young. They’re busy with young children and trying to secure the dream of owning their own home outright.
Many young families are trying to accumulate wealth through house renovations and investments but their main priority is providing for their family. Their high mortgage repayments restrict their otherwise healthy incomes.
Things to consider
Budgeting, cashflow and debt reduction.
Protecting income in the event of accident or illness to be able to fund their:
- Mortgage repayments
- Bills and cost of living
- Children’s education
- Family vacations
- Lifestyle and entertainment
Protecting family against financial hardship in the event of death, disability or major illness by taking out:
- Life insurance
- Total and permanent disablement insurance
- Trauma insurance
Starting an investment portfolio and or a savings plan to work towards:
- Travelling overseas
- Children’s education costs
- Building wealth over the long term using tax effective strategies
- House renovations